Problem 17-16 (Algo) Comprehensivereporting a pension plan; pension spreadsheet; determine changes in balances; two years [LO17-3, 17-4, 17-5, 17-6, 17-7, 17-8]

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[The following information applies to the questions displayed below.] Actuary and trustee reports indicate the following changes in the PBO and plan assets of Lakeside Cable during 2021:

Prior service cost at Jan. 1, 2021, from plan amendment at the beginning of 2019 (amortization: $5 million per year)	$	37	million
Net loss-pensions at Jan.1, 2021 (previous losses exceeded previous gains)	$	55	million
Average remaining service life of the active employee group		10	years
Actuarys discount rate		8	%

($ in millions)

	PBO				Plan Assets
Beginning of 2021	$	250		Beginning of 2021		$	150
Service cost		48		Return on plan assets,
Interest cost, 8%		20		8.0% (10% expected)			12
Loss (gain) on PBO		(3	)	Cash contributions			103
Less: Retiree benefits		(15	)	Less: Retiree benefits			(15	)
End of 2021	$	300		End of 2021		$	250

Assume the following actuary and trustee reports indicating changes in the PBO and plan assets of Lakeside Cable during 2022: ($ in millions)

	PBO				Plan Assets
Beginning of 2022	$	300		Beginning of 2022		$	250
Service cost		43		Return on plan assets,
Interest cost, 8%		24		18% (10% expected)			45
Loss (gain) on PBO		6		Cash contributions			35
Less: Retiree benefits		(21	)	Less: Retiree benefits			(21	)
End of 2022	$	352		End of 2022		$	309

Problem 17-16 (Algo) Part 7

7. Prepare a pension spreadsheet to assist you in determining end of 2022 balances in the PBO, plan assets, prior service costAOCI, the net lossAOCI, and the pension liability. (Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5). Enter credit amounts with a minus sign and debit amounts with a positive sign.)

7. Prepare a pension spreadsheet to assist you in determining end of 2022 balances in the PBO, plan assets, prior service cost-AOCI, the net loss-AOCI, and the pension liability. (Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5). Enter credit amounts with a minus sign and debit amounts with a positive sign.) ($ in millions) PBO Plan Assets Prior Service Cost-AOCI Net Loss -AOCI Pension Expense Cash Bal., Jan. 1, 2022 250.0 32.0 52.0 Net Pension (Liability) Asset (50.0) (43.0) (24.0) (300.0) (43.0) (24.0) Service cost 43.0 Interest cost, 8% 24.0 Expected return on assets 25.0 (25.0) 25.0 Gain on assets 20.0 (20.0) 20.0 Amortization of: Prior service cost-AOCI (5.0) 5.0 Net loss-AOCI (2.7) 2.7 Loss on PBO (6.0) 6.0 (6.0) Cash contributions 35.0 (35.0) 35.0 Retiree benefits 21.0 (21.0) 309.0 Bal., Dec. 31, 2022 (352.0) 27.0 35.3 49.7 (43.0) 7. Prepare a pension spreadsheet to assist you in determining end of 2022 balances in the PBO, plan assets, prior service cost-AOCI, the net loss-AOCI, and the pension liability. (Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5). Enter credit amounts with a minus sign and debit amounts with a positive sign.) ($ in millions) PBO Plan Assets Prior Service Cost-AOCI Net Loss -AOCI Pension Expense Cash Bal., Jan. 1, 2022 250.0 32.0 52.0 Net Pension (Liability) Asset (50.0) (43.0) (24.0) (300.0) (43.0) (24.0) Service cost 43.0 Interest cost, 8% 24.0 Expected return on assets 25.0 (25.0) 25.0 Gain on assets 20.0 (20.0) 20.0 Amortization of: Prior service cost-AOCI (5.0) 5.0 Net loss-AOCI (2.7) 2.7 Loss on PBO (6.0) 6.0 (6.0) Cash contributions 35.0 (35.0) 35.0 Retiree benefits 21.0 (21.0) 309.0 Bal., Dec. 31, 2022 (352.0) 27.0 35.3 49.7 (43.0)